Bidenflation Continues to Shrink Families’ Paychecks
For cash-strapped American families, higher prices are here to stay – and will only continue to rise with Democrats’ $4.5 trillion spending spree.
After the July CPI report showed another dramatic surge in consumer prices, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) issued the following statement:
“For the seventh straight month of the Biden presidency paychecks have been shrinking.
“There’s no end in sight since the President and congressional Democrats want to pour another $4.5 trillion dollars of government spending that will fuel higher inflation.
“Rising prices on gas and groceries are wiping out wage gains, and leaving working families behind.”
Democrats’ Multi-Trillion-Dollar Budget Bust Will Make Inflation Worse:
- While cash-strapped families take a beating, Democrats are planning to raise taxes on working families to pay for President Biden’s runaway spending in their 2022 budget proposal.
- A recent survey found that an overwhelming majority of Americans are “concerned this level of spending could hurt them directly in the form of runaway inflation, higher taxes down the line, lower economic growth or negative impacts on their family’s finances.”
Bidenflation is Taxation:
- For seven consecutive months, working Americans’ real wages have declined.
- Groceries are up 2.6 percent – with the cost of meat up nearly 6 percent.
- Prices at the pump are up almost 42 percent.
- Inflation is taxation, and it disproportionately hurts the poor.
Higher Prices Aren’t Going Anywhere:
- Last month, prices increased 5.4 percent from a year ago – a 20 year high.
- Many economists now expect higher inflation to stick around.